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I study the performance of hedge fund managers, using quarterly stock holdings from 1995 to 2010. I use the holdings-based measure built on Ferson and Mo (2012) to decompose a manager's overall performance into stock selection and three components of timing ability: market return, volatility, and liquidity. At the aggregate

I study the performance of hedge fund managers, using quarterly stock holdings from 1995 to 2010. I use the holdings-based measure built on Ferson and Mo (2012) to decompose a manager's overall performance into stock selection and three components of timing ability: market return, volatility, and liquidity. At the aggregate level, I find that hedge fund managers have stock picking skills but no timing skills, and overall I do not find strong evidence to support their superiority. I show that the lack of abilities is driven by the large fluctuations of timing performance with market conditions. I find that conditioning information, equity capital constraints, and priority in stocks to liquidate can partly explain the weak evidence. At the individual fund level, bootstrap analysis results suggest that even top managers' abilities cannot be separated from luck. Also, I find that hedge fund managers exhibit short-horizon persistence in selectivity skill.
ContributorsKang, MinJeong (Author) / Aragon, George O. (Thesis advisor) / Hertzel, Michael G (Committee member) / Boguth, Oliver (Committee member) / Arizona State University (Publisher)
Created2013
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Growing popularity of alternatively certifying teachers has created challenges for teacher preparation programs. Many non-traditional routes into classroom include no full-time mentor teacher. Absence of a mentor teacher in the classroom leaves teachers with a deficit. This study follows ten teachers on the intern certificate enrolled in both an alternative

Growing popularity of alternatively certifying teachers has created challenges for teacher preparation programs. Many non-traditional routes into classroom include no full-time mentor teacher. Absence of a mentor teacher in the classroom leaves teachers with a deficit. This study follows ten teachers on the intern certificate enrolled in both an alternative certification teacher preparation program and the Teach for America organization as they pursue a master's degree in education and state teaching certification from a large southwestern university. The five randomly chosen for the treatment group and the control group contained 1 male and 4 female teachers, some of whom teach at public schools and others at charter schools. All were secondary education language arts teachers ranging in age from 22- 29. The treatment used in this study is a job-embedded, professional development, software tool designed to help teachers track their classroom practices called MyiLOGS. The purpose of this action research project was to study the effect using MyiLOGS had on six of the nine areas evaluated by a modified version of the Teacher Advancement Program evaluation rubric, alignment with Opportunity To Learn constructs, and the tool's influence on the efficacy of these first year teachers. The data generated from this study indicate that the MyiLOGS tool did have a positive effect on the teachers' TAP evaluation performances. Also, the MyiLOGS tool had a large impact on the teachers' instruction as measured by the constructs of Opportunity to Learn and their teaching self-efficacy. Implications suggested the tool was an asset to these teachers because they tracked their data, became more reflective, and self-sufficient.
ContributorsRoggeman, Pamela (Author) / Puckett, Kathleen (Thesis advisor) / Kurz, Alexander (Committee member) / Mathur, Sarup (Committee member) / Arizona State University (Publisher)
Created2013
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Description
I show that firms' ability to adjust variable capital in response to productivity shocks has important implications for the interpretation of the widely documented investment-cash flow sensitivities. The variable capital adjustment is sufficient for firms to capture small variations in profitability, but when the revision in profitability is relatively large,

I show that firms' ability to adjust variable capital in response to productivity shocks has important implications for the interpretation of the widely documented investment-cash flow sensitivities. The variable capital adjustment is sufficient for firms to capture small variations in profitability, but when the revision in profitability is relatively large, limited substitutability between the factors of production may call for fixed capital investment. Hence, firms with lower substitutability are more likely to invest in both factors together and have larger sensitivities of fixed capital investment to cash flow. By building a frictionless capital markets model that allows firms to optimize over fixed capital and inventories as substitutable factors, I establish the significance of the substitutability channel in explaining cross-sectional differences in cash flow sensitivities. Moreover, incorporating variable capital into firms' investment decisions helps explain the sharp decrease in cash flow sensitivities over the past decades. Empirical evidence confirms the model's predictions.
ContributorsKim, Kirak (Author) / Bates, Thomas (Thesis advisor) / Babenko, Ilona (Thesis advisor) / Hertzel, Michael (Committee member) / Tserlukevich, Yuri (Committee member) / Arizona State University (Publisher)
Created2013
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This dissertation provides a critical analysis of public administration's understanding of the relationship between rational thought and action in its discourse on ethics. It argues that rationalist ethics assume a particular relationship between thought and action: that good knowledge leads to good, proper action. While there have been many critiques

This dissertation provides a critical analysis of public administration's understanding of the relationship between rational thought and action in its discourse on ethics. It argues that rationalist ethics assume a particular relationship between thought and action: that good knowledge leads to good, proper action. While there have been many critiques of rationalist administrative ethics, scholars have not examined the way in which rationalism persists in the way in which the teaching of ethics is conducted. The use of the case study figures prominently in this. Thus, the dissertation explores the historical and theoretical intersection of rationalism, ethics, and teaching through the lens of the case study. It begins with a history of the pedagogical use of the case study and the institutional transformations of the university. While conventional accounts of the field locate its founding in the United States in the municipal reform movement, here the founding of the field of public administration is recast through connections to reforms in the university including changes in epistemic assumptions, pedagogical methods, and curricular changes in ethics in which the case study is central and remains so as the field develops. The dissertation then considers scholarship in public administration that raises questions about rationalist ethics. Three critical approaches are explored: recognition of the uncertainty and complexity of administrative practice, critique as unmasking of power relationships, and the shift of ethics from an epistemological to an ontological inquiry. The dissertation builds on the work in this third approach and shows how it attempts to articulate a non-rationalist, or immanent, ethics. This ethics is concerned with exploring the conditions that make possible mutually beneficial relationships and meaningful lives from which categorical norms of the good life could emerge. Drawing on the philosophy of Gilles Deleuze and Felix Guattari, it is argued that the distinction Deleuze and Guattari make between "arborescent" and "rhizomatic" knowledge gets to the root of the tension between thought and action and offers an innovative and useful way to advance an immanent, non-rational ethics. The challenge digital technologies and the information society present to the field is considered to illustrate the need to rethink administrative ethics and also the particular usefulness of Deleuze and Guattari in doing so. The dissertation concludes with a discussion of pedagogical practices and classroom examples that encourage a rhizomatic understanding of the theory and practice of public administration.
ContributorsCallen, Jeffrey Craig (Author) / Catlaw, Thomas J (Thesis advisor) / Corley, Elizabeth (Committee member) / Kim, Yushim (Committee member) / Arizona State University (Publisher)
Created2013
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Description
Throughout history composers and artists have been inspired by the natural world. Nature's influence on music is extraordinary, though water in particular, has had a unique magnetic pull. The large number of compositions dealing with water, from Handel's Water Music (1717) to Ros Bandt's and Leah Barclay's Rivers Talk (2012),

Throughout history composers and artists have been inspired by the natural world. Nature's influence on music is extraordinary, though water in particular, has had a unique magnetic pull. The large number of compositions dealing with water, from Handel's Water Music (1717) to Ros Bandt's and Leah Barclay's Rivers Talk (2012), reflects this continuous fascination. Since the late 1940s, composers have ventured further and brought actual sounds from the environment, including water recorded on tape, into the musical arena. Moreover, since the 1960s, some composers have nudged their listeners to become more ecologically aware. Much skepticism exists, as with any unconventional idea in history, and as a result compositions belonging to this realm of musique concrète are not as widely recognized and examined as they should be. In this thesis, I consider works of three composers: Annea Lockwood, Eve Beglarian, and Leah Barclay, who not only draw inspiration from nature, but also use their creativity to call attention to pristine environments. All three composers embrace the idea that music can be broadly defined and use technology as a tool to communicate their artistic visions. These artists are from three different countries and represent three generations of composers who set precedents for a new way of composing, listening to, performing, and thinking about music and the environment. This thesis presents case studies of Lockwood's A Sound Map of the Danube River, Beglarian's Mississippi River Project, and Barclay's Sound Mirrors. This thesis draws on unpublished correspondence with the composers, analytical theories of R. Murray Schafer, Barry Truax, and Martijn Voorvelt, among others, musicological publications, eco-critical and environmental studies by Al Gore, Bill McKibben, and Vandana Shiva, as well as research by feminist scholars. As there is little written on music and nature from an eco-critical and eco-feminist standpoint, this thesis will contribute to the recognition of significant figures in contemporary music that might otherwise be overlooked. In this study I maintain that composers and sound artists engage with sounds in ways that reveal aspects of particular places, and their attitudes toward these places to lead listeners toward a greater ecological awareness.
ContributorsRichardson, Jamilyn (Author) / Feisst, Sabine (Thesis advisor) / Solís, Ted (Committee member) / Norton, Kay (Committee member) / Arizona State University (Publisher)
Created2012
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While the piezoelectric effect has been around for some time, it has only recently caught interest as a potential sustainable energy harvesting device. Piezoelectric energy harvesting has been developed for shoes and panels, but has yet to be integrated into a marketable bicycle tire. For this thesis, the development and

While the piezoelectric effect has been around for some time, it has only recently caught interest as a potential sustainable energy harvesting device. Piezoelectric energy harvesting has been developed for shoes and panels, but has yet to be integrated into a marketable bicycle tire. For this thesis, the development and feasibility of a piezoelectric tire was done. This includes the development of a circuit that incorporates piezoceramic elements, energy harvesting circuitry, and an energy storage device. A single phase circuit was designed using an ac-dc diode rectifier. An electrolytic capacitor was used as the energy storage device. A financial feasibility was also done to determine targets for manufacturing cost and sales price. These models take into account market trends for high performance tires, economies of scale, and the possibility of government subsidies. This research will help understand the potential for the marketability of a piezoelectric energy harvesting tire that can create electricity for remote use. This study found that there are many obstacles that must be addressed before a piezoelectric tire can be marketed to the general public. The power output of this device is miniscule compared to an alkaline battery. In order for this device to approach the power output of an alkaline battery the weight of the device would also become an issue. Additionally this device is very costly compared to the average bicycle tire. Lastly, this device is extreme fragile and easily broken. In order for this device to become marketable the issues of power output, cost, weight, and durability must all be successfully overcome.
ContributorsMalotte, Christopher (Author) / Madakannan, Arunachalanadar (Thesis advisor) / Srinivasan, Devarajan (Committee member) / Rogers, Bradley (Committee member) / Arizona State University (Publisher)
Created2012
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Description
With the unveiling of the National Educational Technology Plan 2010, both preservice and inservice K12 teachers in the United States are expected to create a classroom environment that fosters the creation of digital citizens. However, it is unclear whether or not teacher education programs build this direct instruction, or any

With the unveiling of the National Educational Technology Plan 2010, both preservice and inservice K12 teachers in the United States are expected to create a classroom environment that fosters the creation of digital citizens. However, it is unclear whether or not teacher education programs build this direct instruction, or any other method of introducing students to the National Education Technology Standards (NETS), "a standard of excellence and best practices in learning, teaching and leading with technology in education," into their curriculum (International Society for Technology in Education, 2012). As with most teaching skills, the NETS and standards-based technology integration must be learned through exposure during the teacher preparation curriculum, either through modeling, direct instruction or assignments constructed to encourage standards-based technology integration. This study attempted to determine the extent to which preservice teachers at Arizona State University (ASU) enrolled in the Mary Lou Fulton Teachers College (MLFTC) can recognize the National Education Technology Standards (NETS) published by the International Society for Technology in Education (ISTE) and to what extent preservice teachers are exposed to technology integration in accordance with the NETS-T standards in their preparation curriculum in order to answer the questions of whether or not teacher education curriculum provides students an opportunity to learn and apply the NETS-T and if preservice teachers in core teacher preparation program courses that include objectives that integrate technology are more likely to be able to identify NETS-T standards than those in courses that do not include these elements In order to answer these questions, a mixed-method design study was utilized to gather data from an electronic survey, one-on-one interviews with students, faculty, and administrators, and document analysis of core course objectives and curriculum goals in the teacher certification program at ASU. The data was analyzed in order to determine the relationship between the preservice teachers, the NETS-T standards, and the role technology plays in the curriculum of the teacher preparation program. Results of the analysis indicate that preservice teachers have a minimum NETS-T awareness at the Literacy level, indicating that they can use technology skills when prompted and explore technology independently.
ContributorsLewis, Carrie L (Author) / Nelson, Brian (Thesis advisor) / Archambault, Leanna (Thesis advisor) / Savenye, Wilhelmenia (Committee member) / Atkinson, Robert (Committee member) / Arizona State University (Publisher)
Created2013
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The Dodd-Frank Act was created to promote financial stability in the United States. However, no one is quite sure what it is yet. While action had to be taken and Dodd-Frank has some positives, Dodd-Frank, as it is deciphered today, has severe drawbacks. Since Dodd-Frank is only in its infancy,

The Dodd-Frank Act was created to promote financial stability in the United States. However, no one is quite sure what it is yet. While action had to be taken and Dodd-Frank has some positives, Dodd-Frank, as it is deciphered today, has severe drawbacks. Since Dodd-Frank is only in its infancy, it is difficult to form an interim conclusion about its effects on agricultural lending at this point. After passing Dodd-Frank in 2010, the government began trying to figure out what it means. Four years later, they are still trying and are about half way through making the rules. This law essentially replaces Glass-Steagall, which was repealed several years ago. Many believe repealing Glass-Steagall was a big reason for the financial collapse of 2008. While Glass-Steagall was a short, easily understood document, Dodd Frank adds many more regulations and pages. This creates a long, bulky, confusing law that seems to be extremely tough to comprehend legally or as a banker. In this study, I try to balance the positives and negatives of Dodd-Frank to understand if it is more detrimental or beneficial to agricultural lending. While we find that Dodd-Frank does help keep banks from some of the risky investments that many believe led to the financial crisis, the added paperwork, compliance costs, and strain it puts on small banks can be worrisome. I interviewed several agriculture-lending professionals who regularly deal with the rules and regulations of Dodd-Frank to discover the impact the new law has on banks, their customers, and the economy as a whole. These interviews give insight into what Dodd-Frank means to the agriculture-lending market and what changes have had to occur since the law was passed. These interviews demonstrate that Dodd-Frank is largely looked down upon by the banking industry. The professionals interviewed are very experienced. After the extensive research, interviews, and discoveries that came of this study, it was concluded that Dodd-Frank seems to hurt the lending industry much more than it helps. One major concern is the strain Dodd-Frank puts on small banks and how it makes "too big to fail" banks even bigger.
ContributorsBettencourt, Bradley D (Author) / Thor, Eric (Thesis advisor) / Manfredo, Mark (Committee member) / Englin, Jeff (Committee member) / Arizona State University (Publisher)
Created2014
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One theoretical research topic in organizational economics is the information issues raised in different organizations. This has been extensively studied in last three decades. One common feature of these research is focusing on the asymmetric information among different agents within one organization. However, in reality, we usually face the following

One theoretical research topic in organizational economics is the information issues raised in different organizations. This has been extensively studied in last three decades. One common feature of these research is focusing on the asymmetric information among different agents within one organization. However, in reality, we usually face the following situation. A group of people within an organization are completely transparent to each other; however, their characters are not known by other organization members who are outside this group. In my dissertation, I try to study how this information sharing would affect the outcome of different organizations. I focus on two organizations: corporate board and political parties. I find that this information sharing may be detrimental for (some of) the members who shared information. This conclusion stands in contrast to the conventional wisdom in both corporate finance and political party literature.
ContributorsWu, Zhenhua (Author) / Friedenberg, Amanda (Thesis advisor) / Manelli, Alejandro (Committee member) / Chade, Hector (Committee member) / Arizona State University (Publisher)
Created2014
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Financing lease has bloomed as a new financing tool in China for the last several years. In this thesis I investigate the factors that influence China’s automobile financial leasing decisions by both lessors and lessees through market surveys. Based on Probit regression analysis of the data collected from 250 companies

Financing lease has bloomed as a new financing tool in China for the last several years. In this thesis I investigate the factors that influence China’s automobile financial leasing decisions by both lessors and lessees through market surveys. Based on Probit regression analysis of the data collected from 250 companies and 300 individuals, I find that a firm is more likely to use automobile financial leasing when its corporate tax rate is lower, growth potential is more stabilized, and profit is higher. It is also more likely to happen when a firm's long-term debt ratio and its degree of internationalization are higher. At the individual level, I find that the likelihood of individuals’ leasing decision is influenced by their risk preference, income level, and car price. Individuals’ gender, age and education level show no effect.

Using the analytic hierarchy process (AHP) analysis, I further find that financing costs, service value-added, and products diversity are the three most important competitive factors for the auto financial leasing service providers. This is the case for both the corporate and individual customers in the sample. By contrast, the factors of sales channel and government relationship are found to be much less important. Finally, through an in-depth case study of the leasing company Shanghai Auto Financial Leasing, I find that the key factors determining the customers’ credit default risk are interest rate and automobile type. I also investigate factors that influence business risk during the automobile procurement stage, at the selling stage, and toward the disposition stage. The managerial implications of the above results are discussed throughout the thesis.
ContributorsLin, Zhen, Ph.D (Author) / Zhang, Anming (Thesis advisor) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)
Created2015